Vast Exploration Inc.
TSX VENTURE : VST

Vast Exploration Inc.

March 25, 2008 08:30 ET

Vast Exploration Provides Update

CALGARY, ALBERTA--(Marketwire - March 25, 2008) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) is pleased to announce that it has successfully divested its working interest in a joint venture agreement with Samson Oil and Gas Inc. ("SOGI") in SE Saskatchewan (the "SamVast JV") to Stetson Oil & Gas Ltd. ("Stetson") .

Stetson will be the operator of the SamVast JV and will have a 50% working interest. As consideration for the acquisition of the Vast interest in the SamVast JV, Stetson will reimburse the Company for CDN $137,500 of past costs spent on the JV and the Company will earn a 5.0% overriding royalty on all future lands that are developed under the agreement.

The SamVast JV was entered into in September 2006 between Vast and SOGI to jointly acquire and develop petroleum and natural gas rights with First Nations Bands in Saskatchewan by providing access to lands pursuant to the Treaty Land Entitlement ("TLE") process. To date, the joint venture has not been able to secure any perspective exploration lands and Vast has not conducted any activities under the agreement.

This transaction is a result of the Company's continuing review of its assets and modifications to its strategic business plan to position the Company for a new phase of growth and aggressively pursue high impact international opportunities. The transaction is subject to approval of the TSX Venture Exchange.

Forward-looking Information

Statements in this release that are not historical facts are "forward-looking information" within the meaning of applicable securities law. Forward-looking information typically contain words such as "anticipate", "plan", "expect", "potential", or similar words suggesting future outcomes and include, without limitation, statements regarding the Company's operational plans, including production estimates; expected costs and revenues; corporate strategy; the availability of acquisition opportunities. There can be no assurance that such information will prove to be accurate; actual results and future events could differ materially from such information. Factors that could cause actual results to differ materially include, among others, commodity prices, third party risks, acquisition risks, risks inherent in the oil and gas industry, licensing risks, financing risks, regulatory risks and environmental concerns. Investors are cautioned not to place undue reliance on forward-looking information.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Vast Exploration Inc.
    Ahmed S. Said
    President & Chief Executive Officer
    (403) 263-3000
    (403) 263-3041 (FAX)
    Email: info@vastexploration.com